US investment group Kohlberg Kravis Roberts & Co. is reported to be in exclusive talks with Siemens of Germany to take over two billion Euros worth of assets including Demag Cranes & Components (DCC).
Neither party would confirm or deny the reports.
Siemens has bundled five or six businesses together. Initially DCC had been bundled with Demag Mobile Cranes but a separate deal for this was agreed last month with Terex Corporation of the USA buying it for $150m.
In January 2002 KKR brought in two senior staff with expertise in German industry. Dr Axel Eckhardt became head of Capstone Europe, a management consultancy retained exclusively by KKR to provide advice, strategic input and management services on KKR’s potential and ongoing investments.
Reinhard Gorenflos joined KKR as a director in its London office having held senior management positions in German industry over the past decade, including managing director of Thyssen’s Industrial Services Divison.
Eckhardt had spent almost 20 years in management consultancy. Before that, he acquired and managed a construction and engineering company, the Elpro Co AG in Berlin, which focused on plant automation and technical facility management.
KKR is an investment firm that makes private equity investments on behalf of itself and its investors. These investors include state and corporate pension funds, banks, insurance companies and university endowments. Since its founding in 1976, KKR has completed more than 100 transactions involving more than $100bn of total financing.
